First Merchants Corp reduced its position in Automatic Data Processing (NASDAQ:ADP) by 2.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 38,412 shares of the business services provider’s stock after selling 961 shares during the period. Automatic Data Processing comprises about 1.0% of First Merchants Corp’s holdings, making the stock its 23rd largest position. First Merchants Corp’s holdings in Automatic Data Processing were worth $6,350,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Comerica Securities Inc. increased its holdings in Automatic Data Processing by 411.2% in the fourth quarter. Comerica Securities Inc. now owns 42,538 shares of the business services provider’s stock valued at $5,611,000 after purchasing an additional 34,216 shares during the period. Dimensional Fund Advisors LP increased its holdings in Automatic Data Processing by 4.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,299,268 shares of the business services provider’s stock valued at $170,354,000 after purchasing an additional 49,730 shares during the period. Geode Capital Management LLC increased its holdings in Automatic Data Processing by 8.6% in the fourth quarter. Geode Capital Management LLC now owns 6,258,804 shares of the business services provider’s stock valued at $819,520,000 after purchasing an additional 496,843 shares during the period. FMR LLC increased its holdings in Automatic Data Processing by 90.4% in the fourth quarter. FMR LLC now owns 1,439,697 shares of the business services provider’s stock valued at $188,772,000 after purchasing an additional 683,417 shares during the period. Finally, Sageworth Trust Co acquired a new stake in Automatic Data Processing in the first quarter valued at $156,000. 79.77% of the stock is currently owned by institutional investors.
In other Automatic Data Processing news, VP Dermot J. O’brien sold 1,771 shares of Automatic Data Processing stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $162.04, for a total transaction of $286,972.84. Following the transaction, the vice president now owns 14,896 shares of the company’s stock, valued at approximately $2,413,747.84. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.33% of the stock is owned by company insiders.
Shares of NASDAQ ADP opened at $161.20 on Monday. Automatic Data Processing has a fifty-two week low of $121.40 and a fifty-two week high of $172.00. The company has a market cap of $71.49 billion, a PE ratio of 29.58, a price-to-earnings-growth ratio of 2.05 and a beta of 0.91. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.04 and a current ratio of 1.05. The company has a 50-day simple moving average of $166.08.
Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings results on Wednesday, July 31st. The business services provider reported $1.14 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.13 by $0.01. Automatic Data Processing had a net margin of 16.17% and a return on equity of 47.48%. The business had revenue of $3.50 billion for the quarter, compared to analysts’ expectations of $3.50 billion. During the same quarter last year, the firm earned $0.99 EPS. The firm’s revenue for the quarter was up 5.5% compared to the same quarter last year. As a group, equities analysts predict that Automatic Data Processing will post 6.15 EPS for the current fiscal year.
ADP has been the subject of a number of recent research reports. BidaskClub downgraded Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Monday, June 24th. Sanford C. Bernstein downgraded Automatic Data Processing from an “outperform” rating to a “market perform” rating in a report on Tuesday, April 30th. Jefferies Financial Group increased their price target on Automatic Data Processing to $176.00 and gave the stock a “hold” rating in a report on Wednesday, July 31st. ValuEngine downgraded Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Thursday. Finally, Zacks Investment Research upgraded Automatic Data Processing from a “hold” rating to a “buy” rating and set a $179.00 target price for the company in a research note on Friday, June 21st. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $170.64.
About Automatic Data Processing
Automatic Data Processing, Inc provides business process outsourcing services worldwide. It operates through two segments, Employer Services and Professional Employer Organization (PEO) Services. The Employer Services segment offers various human resources (HR) outsourcing and technology-based human capital management solutions.
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